The European Commission has adopted a proposal setting out details of a financial transaction tax (FTT) to be implemented under ‘enhanced cooperation’ by 11 member states. ‘The approach of taxing all transactions with an established link to the FTT-zone is maintained, as are the rates of 0.1% for shares and bonds and 0.01% for derivatives,’ the EC announced on 14 February. ‘When applied by the 11 member states, this FTT is expected to deliver revenues of €30-35bn euros a year.’
Tax commissioner Algirdas Šemeta, said: ‘Everything is in place to enable a common FTT to be become a reality in the EU. On the table is an unquestionably fair and technically sound tax, which will strengthen our single market and temper irresponsible trading.’
Deloitte said: ‘This draft does introduce some exemptions, but also broadens the scope so that now a financial transaction is not only in scope on a residency basis (ie. if one of the parties is in one of the 11 participating countries), but also if a security is issued in one of those countries.’
The European Commission has adopted a proposal setting out details of a financial transaction tax (FTT) to be implemented under ‘enhanced cooperation’ by 11 member states. ‘The approach of taxing all transactions with an established link to the FTT-zone is maintained, as are the rates of 0.1% for shares and bonds and 0.01% for derivatives,’ the EC announced on 14 February. ‘When applied by the 11 member states, this FTT is expected to deliver revenues of €30-35bn euros a year.’
Tax commissioner Algirdas Šemeta, said: ‘Everything is in place to enable a common FTT to be become a reality in the EU. On the table is an unquestionably fair and technically sound tax, which will strengthen our single market and temper irresponsible trading.’
Deloitte said: ‘This draft does introduce some exemptions, but also broadens the scope so that now a financial transaction is not only in scope on a residency basis (ie. if one of the parties is in one of the 11 participating countries), but also if a security is issued in one of those countries.’
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